Goa-based TempoGO, which provides Internet of Things (IoT) and software-as-a-service (SaaS) solutions for the transportation industry, has raised $250,000 (about Rs 1.6 crore) from Javelin Startup-O Victory Fund, after winning an international startup competition held by Singapore-based investment platform Startup-O.
In a statement, TempoGO said it has raised additional funding from Dubai-based NB Ventures, a $50-million fund whose Indian investments include logistics startup LetsTransport and fitness app HealthifyMe.
This funding round takes the total amount of capital raised by TempoGO to over $1.35 million.
Earlier this year, Carryage Technologies Pvt. Ltd, which runs TempoGO, had raised Rs 5.6 crore ($825,000 then) led by Hong Kong-based K2 Investments. A few high-profile investment bankers had also participated in that round.
TempoGO’s platform consists of two layers—one powered by IoT sensors on vehicles and another by SaaS. The IoT layer consists of a GPS-based hardware unit to track vehicle location and speed, a sensor set to monitor fuel pilferage and keep track of temperature on refrigeration trucks, and an adapter to record and transmit vehicle behaviour and data.
"TempoGO has been revenue-positive since inception and we’ve been growing our revenues 50-100% month-on-month this financial year,” said Pranav Shirke, co-founder and chief operating officer of TempoGo. “We expect to double it again within the next two quarters,” he added.
TempoGo was incubated at Goa-based Prototyze, which has catalysed a clutch of funded companies including digital fitness platform MobieFit, SaaS-based corporate training firm HandyTrain, and financial technology company Seynse, which operates digital lending platform Loan Singh.
"TempoGO is one of our earliest investments in the Indian market and adds a new dimension to our diversified portfolio that spans across Southeast Asia,” Steve Davies, chief executive officer of Javelin Wealth, said in the statement.
Javelin Startup-O Victory Fund is managed by Singapore-based Javelin Wealth Management and Startup-O.